Price range 2024 has additional decreased the tax burden on these choosing the brand new tax regime. It has been clear for a few years now that the previous tax regime is unlikely to get any additional concessions. Additionally see: Price range 2024 modifies NPS deduction 80CCD(2) just for the New Tax Regime!
Tax payers can use our free instrument to learn the way a lot tax they should “save” (that’s make investments, spend or borrow in avenues that may cut back taxable earnings) within the previous tax regime to pay decrease than the brand new tax regime: Price range 2024: New Tax Regime vs Previous Tax Regime Calculator: Examine which is healthier.
Here’s a abstract of our findings.
| earnings in Lakhs | After Price range 2024 Your tax deductions (in lakhs) must be larger than this to make use of the previous regime (incl customary deduction if salaried) | Earlier than Price range 2024 |
| 5 | 0 | 0.00 |
| 6 | 1.05 | 1.05 |
| 7 | 2.10 | 2.10 |
| 8 | 2.13 | 1.88 |
| 8.5 | 2.38 | 2.13 |
| 9 | 2.63 | 2.38 |
| 9.5 | 2.88 | 2.50 |
| 10 | 3.13 | 2.63 |
| 10.5 | 3.25 | 2.75 |
| 11.5 | 3.50 | 3.00 |
| 12.5 | 3.63 | 3.13 |
| 14 | 3.75 | 3.42 |
| 14.5 | 3.92 | 3.58 |
| 15.5 | 4.08 | 3.75 |
| 17 | 4.08 | 3.75 |
| 18 | 4.08 | 3.75 |
| 25 | 4.08 | 3.75 |
| 30 | 4.08 | 3.75 |
| 40 | 4.08 | 3.75 |
| 50 | 4.08 | 3.75 |
| 60 | 4.08 | 3.75 |
| 75 | 4.08 | 3.75 |
| 100 | 4.08 | 3.75 |
| 300 | 4.08 | 3.75 |
| 500 | 4.08 | 3.75 |
After Price range 2024 Your tax deductions (in lakhs) must be larger than this to make use of the previous regime (incl customary deduction if salaried)
After price range 2024, from 15 lakhs to 500 lakhs (5 Crores) deductions must be larger than Rs. 4.08 Lakhs for previous regime to be helpful. It was Rs. 3.75 lakhs earlier than the price range.
For instance these with a big wage and due to this fact EPF/NPS deductions greater than 1.5 Lakhs a 12 months, medical health insurance premiums near the utmost allowed (75,000 – 25,000 for self and Rs 50,000 for folks) plus a house mortgage curiosity near Rs. two lakhs or a big HRA exemption can go for the previous regime. It’s foolish to put money into a product (eg. NPS) solely to decide on the previous regime
Use our free instrument to find out what’s going to be just right for you: Price range 2024: New Tax Regime vs Previous Tax Regime Calculator: Examine which is healthier.
We suggest utilizing the brand new tax regime anticipate in circumstances the place the advantage of the previous regime organically results in important advantages.
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